Accelerated First Production at Chilalo Project

23 October 2025

Metals One Plc

("Metals One" or the "Company")

Accelerated First Production at Chilalo Project

Revised development timeline brings forward first ore production to October 2027

Metals One (AIM: MET1), a critical and precious metals exploration and development company, is pleased to note that Evolution Energy Minerals (ASX: EV1) ("Evolution"), in which Metals One holds a 16.9% stake, has announced that it has committed to an accelerated development schedule for its 84%-owned Chilalo Graphite Project in Tanzania, following constructive engagement with the Government of the United Republic of Tanzania and submission of an updated project implementation plan. Evolution also provided an update on the advancement of development and exploration activities across its Chilalo Graphite Project and Chikundo Copper Project.

Highlights

·    Evolution has committed to an accelerated development schedule, targeting first ore mining by October 2027

·    Evolution is planning a resource development drilling programme, to upgrade and expand Chilalo graphite resource

·    The Chikundo Copper Project exploration programme is being planned with soil sampling, ground geophysics and follow-up drilling

·    Downstream value adding studies are underway to assess in-country downstream processing opportunities

·    Funding discussions are being advanced with African, European, and Middle Eastern banks and sovereign funds

Evolution has announced a revised development timeline that brings forward first ore production to October 2027, representing a clear pathway to deliver one of Africa's most advanced undeveloped natural graphite projects. Metals One acquired its 16.9% stake in Evolution in September 2025 through a combination of market purchases and Rights Issue participation.

Evolution's full press release is available to view here.

Dan Maling, Managing Director of Metals One, commented:

"It is fantastic to see Evolution's confidence in the strength of the Chilalo Graphite Project through its decision to accelerate it into production. Chilalo is strategically positioned to benefit from global supply diversification on graphite, and it stands out among the limited number of graphite projects outside China that are nearing development, supported by robust ESG principles, strong backing from the Tanzanian government, and clear exploration potential."

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About Metals One

Metals One is pursuing a strategic portfolio of critical and precious metals projects underpinned by the Western World's urgent need for reliably and responsibly sourced raw materials, and record high gold prices. Metals One's shares are listed on the London Stock Exchange's AIM Market (MET1).

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